Flotek Industries (FTK) announced a small acquisition and first-quarter results, all at a time when the industry is facing real challenges and shares subsequently have come under a great deal of stress. These current events warrant a quick update on what is a micro-cap stock by now.
The situation remains more uncertain than ever, although inherently interesting as we are dealing with a pro-forma situation which still includes a net cash position, continuing losses from operations and an interesting bolt-on deal being announced.
The Former Thesis
My last update on Flotek was January